In the latest development in the slugfest between GAM and an activist investor group, GAM has once again extended its offer period. The AGM will be earlier than planned.
Liontrust today announced it's again extending the deadline of its offer to GAM shareholders to consider its offer for acquiring the troubled Swiss fund manager in an all-share transaction, according to an emailed statement Friday.
Shareholders now have until August 4 to consider the offer. Earlier this month Liontrust extended the offer period by three days to July 28, saying it allows them to consider their position and «fully weigh up the going concern implications for GAM if insufficient shares are tendered.»
AGM Earlier Than Planned
In addition, GAM's Board of Directors is bringing forward the date of its extraordinary general meeting to August 18 to give GAM shareholders more time to consider the Liontrust offer.
GAM shareholders who have already tendered or intend to tender their shares in the Liontrust offer may still participate in the Extraordinary General Meeting and, in particular, cast their votes.
The Board of Directors repeated its mantra that it continues to strongly recommend the Liontrust offer and encourages shareholders to tender their shares.
On July 18, an activist investor group consisting of Newgame and Bruellen controlling 9.6 percent of GAM's share capital floated a partial cash offer for 28 million shares of GAM at 55 centimes per share. That's a 29.1 percent premium to the offer made by Liontrust, representing a volume of approximately 15.4 million Swiss francs. The Group wants to effect a turnaround of GAM and calls Liontrusts offer unfair.
Earlier this week GAM took issue with a letter that Newgame sent to the Swiss Takeover Board (TOB) urging it to intervene in the effort by Liontrust to take it over.
Through an emailed statement on Tuesday, GAM said that as a public company, it must ensure the information it publishes is accurate and transparent. To that effect, it said the information disclosed in its July 24 press release «was accurate and transparent,» and that it has written to the TOB refuting Newgame's allegations.
